LTC & VA businesses FortheyearsendedDecember31, 2022 2021 ($ millions, post-tax and based on actual foreign exchange rates in effect (2) in the applicable reporting period) Reported Adjustments Normalized Reported Adjustments Normalized (1) Core earnings of LTC and VA businesses $ 1,143 $ – $ 1,143 $ 1,426 $ (152) $ 1,274 Core earnings – All other businesses excl. core investment gains 4,639 – 4,639 4,710 – 4,710 Core investment gains 400 – 400 400 – 400 Coreearnings 6,182 – 6,182 6,536 (152) 6,384 Items excluded from core earnings 1,112 – 1,112 569 – 569 Netincome(loss)attributedtoshareholders $ 7,294 $ – $ 7,294 $ 7,105 $ (152) $ 6,953 LTC&VACoreEarningscontribution 18% 18% 22% 20% (1) Includes core earnings from U.S. long-term care and Asia, Canada and U.S. variable annuities businesses. (2) 2021 total company and U.S. LTC core earnings were normalized to remove estimated gains on U.S. LTC policyholder experience due to COVID-19. The effective tax rate on core earnings is equal to income tax on core earnings divided by pre-tax core earnings. The Company also uses financial performance measures that are prepared on a constant exchange rate basis, which exclude the impact of currency fluctuations (from local currency to Canadian dollars at a total Company level and from local currency to U.S. dollars in Asia). Such financial measures may be stated on a constant exchange rate basis or the percentage growth/decline in the financial measure on a constant exchange rate basis, using the income statement and balance sheet exchange rates effective for the fourth quarter of 2022. Information supporting constant exchange rate basis for GAAP and non-GAAP financial measures is presented below and throughout the rest of this section. 115